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11 Cards in this Set
- Front
- Back
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trade off |
the alternative you face if you decide to do one thing rather than another. |
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option |
something that is chosen; a choice |
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opportunity cost |
the cost of the next-best use of time and money when choosing to do one thing or another |
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fixed costs |
an expense that does not change no matter how much a business produces |
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varies |
to change |
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total cost |
the combination of all fixed and variable costs |
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marginal cost |
the additional or extra opportunity cost associated with each increase of one unit of sales |
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revenue |
the money a business receives from selling its goods or services |
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marginal revenue |
the additional income received from each increase of one unit of sales |
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benefit-cost analysis |
economic model that compares the marginal costs and marginal benefits of a decision |
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